- Covid-19 destroys the market for supertankers that deliver about a fifth of the world’s crude oil.
- This is to boom trade on the beaches of Bangladesh, India and Pakistan, where obsolete ships go to get blow-torched and sold for scrap.
- The 1,200-foot vessels plying the industry’s busiest trade route effectively had to subsidize the delivery of cargoes because of how large the surplus of ships has grown.
A recent news article published in the Bloomberg reveals the gloomy market for supertankers.
https://mfame.guru/super-tankers-destined-to-scrapping-yards-in-2021/